ECB’s ‘One Man, One Vote’ Rule Was a Mistake, Poehl Tells Cicero

May 24 (Bloomberg) -- Former Bundesbank President Karl Otto
Poehl said he was wrong to insist that members of the European
Central Bank’s Governing Council have an equal say in policy
decisions, Cicero magazine reported.

“That was really my mistake,” Poehl said in an interview.
“We didn’t think about the possibility of countries like Malta
or Cyprus becoming members of the monetary union.”

Poehl’s successor at the helm of the Bundesbank, Hans
Tietmeyer, told the magazine he considered “the principle of
‘one man, one vote’ to be wrong from the beginning.” However,
Poehl insisted on that system when the Maastricht Treaty was
being negotiated, Tietmeyer said, according to Cicero.